Preparing for Busy Season: A Tax Practitioner’s Guide (Full-Day Webinar) (Completed)

Date: Tuesday, February 5, 2019
Instructor: Greg White
Begin Time:  7:00am Pacific Time
8:00am Mountain Time
9:00am Central Time
10:00am Eastern Time
CPE Credit:  8 hours for CPAs
8 hours Federal Tax Related for EAs and OTRPs
8 hours Federal Tax Law for CTEC

Don’t go into busy season after tax reform without taking this course first!

We'll cover the new Form 1040, that’s right! For the first time in decades, Form 1040 has been completely revised. Prepared and presented by tax expert and tax educator, Greg White, as he walks through the new “audit” election for LLC’s and partnerships, new due diligence rules for “head of household status” (and the penalties that can apply if you don’t comply), and finally checklist items for the upcoming filing season.

Tax Cuts and Jobs Act developments
And we’ll discuss important domestic provisions of the Tax Cuts and Jobs and Act as well as important new cases etc. In the wake of the Tax Cuts and Jobs Act, you will face your most challenging tax filing season ever. Let Greg White help you make sure you and your staff are ready to go now that the IRS is back from furlough.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Who Should Attend
Enrolled Agent's, tax professionals, and CPAs in industry and public accounting.

Topics Covered

  • New Form 1040
  • What important changes will affect your practice
  • New "due diligence" requirement for tax preparers
  • The new election out of the Centralized Partnership Audit rules
  • Who qualifies to elect out of the new rules
  • Why it's crucial to elect out of the new rules
  • Important provisions of the Tax Cuts and Jobs Act:
  • The QBID (20% passthrough deduction) — what planning steps should you consider?
  • Very rapid depreciation, including changes that allow rapid depreciation for real estate
  • Eliminate tracking inventories
  • Maximizing itemized deductions under the new tax law
  • Important new tax cases
  • S corporation terminations
  • Employee status (versus independent contractors)

Learning Objectives

  • Identify and apply critical changes to Form 1040
  • Recognize the brand new "audit" election that applies to all 2018 Forms 1065
  • Differentiate which partnerships and LLC's qualify to make the election- and what happens if you don't make the election
  • Recognize and apply the new due diligence rules for head of household tax returns-and what changes to make to your checklist.
  • Determine which clients are affected by the major changes made by Tax Cuts and Jobs Act, and planning ideas
  • Identify and develop planning techniques to help your clients save money

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
None

Advance Preparation
None

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